Arkansas and US Innovation Marketplace

1. What are the Arkansas and USA National Innovation Marketplaces?

Simply stated, they are web-based “marketplaces” designed to accelerate connections and communications between Sellers and Buyers of innovations through two-way publishing of Sellers’ offerings and Buyers’ requests using standardized formats. These Marketplaces will connect innovator’s ideas and needs with the “innovation requests” of innovation investors, distributors, licensees, development companies, and contract manufacturing resources in Arkansas, across the USA, and internationally through participation in the Planet Eureka! International Innovation Network.

The "Arkansas Innovation Marketplace" is a subset of the "USA National Innovation Marketplace", a service of the US Department of Commerce, Hollings Manufacturing Extension Partnership (MEP) of which AMS has been an affiliate since 1995. Eureka! Ranch has been a key partner in this Innovation Marketplace effort. Of note, the marketplaces will feature sub marketplaces focused on: 1) Products that accelerate Green and Sustainability, 2) Product ideas that are great for new business start ups, and 3) Product ideas that can help with Homeland Defense and Military needs.

2. What are some of the expected key benefits for Arkansas?

In today’s chaotic business environment, the business rallying cry, “If you’re not unique you better be cheap” has never been truer. A recent study of 738 manufacturers conducted by Georgia Tech researchers found that companies that compete on the basis of innovative products or processes have a three-year, average profit margin that is over 50% higher (14.5% vs. 9.2%) than for companies competing with low prices, high quality or a voice of the customer strategy.

Having an Arkansas Innovation Marketplace - and being just one of five early adopter states - should have immediate and longer-term benefits for the state, including:
• Increasing and accelerating innovation commercialization in Arkansas
• Facilitating connections between Arkansas innovators and Arkansas contract manufacturers, buyers, investors, distributors, and exporters
• Wealth and job creation
• Access to Arkansas Innovation Information
• Nationwide recognition and publicity

3. Who’s leading the development of these Marketplaces?

In Arkansas, the Arkansas Manufacturing Solutions (AMS), a program of the Arkansas Science & Technology Authority, is leading this ground-breaking effort to encourage and enable our state’s innovators to participate in the new Arkansas and USA National Innovation Marketplaces.

The USA National Innovation Marketplace is a service of the US Department of Commerce’s nationwide Hollings Manufacturing Extension Partnership (MEP) of which AMS is an affiliate. The Planet Eureka! International Innovation Network is lead by Eureka! Research International, a licensed partner of AMS.

4. Tell me more about why and how this will accelerate innovation success?

Especially for small companies, it can be difficult to access the money, tools, and connections needed to turn innovations into business realities. The Arkansas and USA National Innovation Marketplaces will help accelerate innovation success through a combination of: 1) Business Translation, 2) Fair Market Valuation, and 3) Direct Access Publishing to Potential Acceleration Partners.

AMS’ network of field experts will help register Arkansas companies’ Innovation Request lists and teach Arkansas Innovators how to accelerate their odds of success using three tools:
1) Merwyn Business Translation Workshops teach innovators how to turn their idea, technology or innovative product into a persuasive business proposition that investors, distributors and buyers can understand “in less than 60 seconds.” AMS is offering Merwyn Business Simulation Workshops across Arkansas. Check the AMS training calendar for the most current dates and details at www.mfgsolutions.org or call 501-683-4410.

2) Merwyn Business Simulations provide an independent, third party report of annual sales and fair market royalty rates for the innovation based on conservative, most likely, and aggressive probability assumptions. Advanced statistical modeling provides 20 sales forecasts based on a range of marketing investment and development scenarios.

3) Direct Access Publishing connects Arkansas Innovators’ Business Simulation listings to the direct needs and requests of innovation accelerators. AMS will lead the connection process in Arkansas, and the 1,600 member national Manufacturing Extension Partnership network will connect to small and mid-sized manufacturing companies across the USA. Personally registered “Innovation Request Lists” will connect innovators to private e-mail links of executives at large companies and with companies in Canada and the United Kingdom. For example, the Planet Eureka! Corporate advisory board includes executives from Procter & Gamble, 3M, Kraft Foods, Lockheed Martin and Best Buy.

5. Who can I speak with at AMS if I have other questions?

For further information on the Arkansas and USA National Innovation Marketplaces contact AMS team members Tovia Chan (tovia.chan@mfgsolutions.org, 501-683-4410) or Kirk Manor (kmanor@winrock.org, 501-280-3008).

For AMS Workshop registration, visit http://www.mfgsolutions.org/calendar or call 501-683-4410.

6. Are there any opportunities to be a “corporate sponsor” of this
groundbreaking effort and be recognized for doing this?

Yes, there will be a limited number of “Corporate Sponsors” for the Arkansas Innovation Marketplace. Call AMS at 501-683-4411 or email Dan Curtis, AMS Director, at dan.curtis@mfgsolutions.org for sponsor information.

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